Ann: Corporate Update , page-23

Agree Joshua that your stated reasons have definitely had a massive effect on the SP.
I must admit that I've become a bit skeptical of some of the goings-on. The fact that we (I say we, as I am a Holder in this company) imported this so-called fit for purpose rig and have given up on it after 1 well to me is a strategy that definitely does not sit well with me.

The fact that coming into this drilling campaign with the new rig there was no outlined drilling schedule/timetable makes me think that there had been little foresight or forward planning in the event that something did go wrong (ie. a less than desirable U3 result).

In the past (with both Arc Energy - of which I was a LT holder, then into the early days of Buru) the upcoming drill season prospects and drilling schedules were spruiked. Under the new management we occasionally get a new item pop up in one of these presentations - for example the Raphael prospect... That one is completely left of centre and hasn't appeared anywhere that I've been able to find in previous announcements. Then to feature in a presentation with no talk about the likelihood of it being drilled, just leaves me thinking why.....

Why not send the drill there and drill that when the Ungani 3 result wasn't as desirable as expected. I know they may not have approvals for other prospects yet, but prior to the drill season there should have been at least applications for approvals of some contingency targets in the event what happened happened.

They talk of there being upto 100 prospects on the Ungani trend. May as well just put a slide for each one of those, as we never know when the company actually intends on drilling them either.

Give us some volumetrics (for what they're worth) on the likely upcoming drills. Maybe show us some further seismic and explain the near drill-ready prospects Yacka Munga and Bickley. Don't just chuck a slide in there with a prospect which has come completely out of the blue (Rafael). Where is it?

Then there are the 2 targets which have been decided on in the coastal permits with Apache. Since this appears to be the only drilling forecast for the near future, how about some details on these prospects.

Sometimes it seems, these presentations only concentrate on Ungani and the uncon gas. I realise these are considered the current core assets, but there are a lot of other tenements. What are the plans with all of these?

Paradise oil testing? We are not waiting for a fit for purpose drill rig to undertake that testing... Just testing equipment I believe... get it done... taken too long IMO. Could provide the oil income we need to pay for the uncon program in the event that Ungani trend does just fizzle..

Ungani North testing, been hearing that they would test that for some time.. When was it drilled? Taking too long! (Who knows, if they tested it prior to the Ungani 3 drill, they may have garnered further info about the play, which may have effected the planning for Ungani 3.. All conjecture on my part, but I think my point is clear. Sick of smoke and mirrors. Tell us what is happening.

Lastly, whilst the recent backflip in the forward plan is troubling, I will be more disappointed if the company farms out the uncon gas tenements prior to the frac testing. I don't give a stuff if it's BHP/WPL/Apache etc etc. If the company is that confident in the prospects of positive flow (which they had previously spruiked) they would test prior to farm out to realise full value rather than this apparent backflip on that plan too. This IMO is where the real value will be. They have to stop second guessing themselves. If the testing is positive, as expected, it will only be one of these majors who would be able to afford a farm-in anyway...